Inflation patterns vary across the region

From September 2015 to September 2016 most West and Central European countries experienced modest increases in consumer prices, as measured by the 12-month rate of increase of the consumer price index (CPI).

For instance, Germany and United Kingdom reported increases in CPI between 0.5 and 1.0 per cent from September 2015 to September 2016. In the same period, consumer prices in Italy increased by only 0.1 per cent. Poland saw a decline of 0.6 per cent in consumer prices, which continues the development since 2015 where prices have been falling between 0.6 and 1.3 per cent on yearly basis.

Several countries in East and South-East Europe experienced higher consumer price increases. Ukraine saw an increase of 7.8 per cent, which was nevertheless a significant reduction compared to mid-2015 when the country reported price increases of about 60 per cent. Turkey saw an increase of 7.3 per cent. For Kazakhstan, the latest reported CPI indicated an increase in consumer prices of 17.6 per cent, from July 2015 to July 2016.